[FONT=Arial, Helvetica, sans-serif]In case anybody is interested.[/FONT]
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[FONT=Arial, Helvetica, sans-serif]Rival Bidder for AirNet[/FONT]
With a private equity firm set to take control of AirNet Systems, the specialized express carrier has another suitor on its doorstep.
Richard Altomare, CEO of niche forwarder Universal Express, says he is prepared to pay some 35 percent more than the $46.2 million buyout offer that would take the Columbus, Ohio-based airline private. The offer of $6.15 a share outpaces a sale at $4.55 a share that the AirNet board accepted Oct. 26.
"I don't know that we have grounds for a legal challenge but we will make another formal offer to shareholders," said Altomare. "We're not done with it." He said in an interview that he has a restructuring plan ready to take on a carrier that has struggled to diversify its operations as its core business hauling bank checks has crumbled.
An AirNet spokesman said the company would have no comment on the potential rival offer, which came as the company was nearing the Nov. 30 deadline for the investment firm to complete its purchase.
AirNet, meanwhile, completed what will likely be its last quarter as a public company by cutting its net loss from $30.2 million last year to $7.9 million in this year's third quarter. The financial report also showed the troubles the company faces, with revenue up about 10 percent to $48.1 million but largely because of increased fuel surcharges.
[FONT=Arial, Helvetica, sans-serif][/FONT]
[FONT=Arial, Helvetica, sans-serif]Rival Bidder for AirNet[/FONT]
With a private equity firm set to take control of AirNet Systems, the specialized express carrier has another suitor on its doorstep.
Richard Altomare, CEO of niche forwarder Universal Express, says he is prepared to pay some 35 percent more than the $46.2 million buyout offer that would take the Columbus, Ohio-based airline private. The offer of $6.15 a share outpaces a sale at $4.55 a share that the AirNet board accepted Oct. 26.
"I don't know that we have grounds for a legal challenge but we will make another formal offer to shareholders," said Altomare. "We're not done with it." He said in an interview that he has a restructuring plan ready to take on a carrier that has struggled to diversify its operations as its core business hauling bank checks has crumbled.
An AirNet spokesman said the company would have no comment on the potential rival offer, which came as the company was nearing the Nov. 30 deadline for the investment firm to complete its purchase.
AirNet, meanwhile, completed what will likely be its last quarter as a public company by cutting its net loss from $30.2 million last year to $7.9 million in this year's third quarter. The financial report also showed the troubles the company faces, with revenue up about 10 percent to $48.1 million but largely because of increased fuel surcharges.
